# In the matter of Gayatri Polyrub Pvt. Ltd. & Ors. Anil Kohli & Anr.

> NCLAT judgment dated 2023-10-03. Citation: TCN-2023-NCLAT-00151. The case involves two appeals (Company Appeal (AT) (Insolvency) No.650 of 2023 and Company…

- **Court:** NCLAT
- **Order date:** 3 Oct 2023
- **Citation:** TCN-2023-NCLAT-00151
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/gayatri-polyrub-pvt-ltd-ors-anil-kohli-anr-ac7912b0

## Summary

### Background

The case involves two appeals (Company Appeal (AT) (Insolvency) No.650 of 2023 and Company Appeal (AT) (Insolvency) No.657 of 2023) filed against the same order passed by the Adjudicating Authority on March 15, 2023, which allowed the application filed by the Resolution Professional for liquidation. The appellants, who are resolution applicants, claim their plans were not approved, and a liquidation order was passed. They were willing to offer a higher value than the liquidation value. The Committee of Creditors (CoC) stated that the plans were not approved with 100% votes, and an auction notice for sale as a going concern was issued.

## Facts

The Adjudicating Authority passed an order on March 15, 2023, allowing the application filed by the Resolution Professional for liquidation. Two appeals, Company Appeal (AT) (Insolvency) No.650 of 2023 and Company Appeal (AT) (Insolvency) No.657 of 2023, were filed against this order. The appellants in both appeals are resolution applicants whose plans were not approved. They claimed they were willing to offer a higher value than the liquidation value. The CoC stated that the plans were not approved with 100% votes, and an auction notice for sale as a going concern was issued. Mr. Harish Manocha submitted a revised offer along with EMD. The CoC filed an affidavit stating that the offer made by Appellant 1 is acceptable if the Appellate Tribunal permits the withdrawal

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority's order for liquidation should be set aside given the …

**Ratio:** The objective of the IBC is to revive the Corporate Debtor, and liquidation is the last

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**Reasoning:** The Tribunal noted that it is well settled that the objective of the IBC is to revive the

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**Interpretation:** The IBC prioritizes the revival of the Corporate Debtor over liquidation, and

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**Application:** Given the appellants' willingness to enhance their offers and the submission of

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## Parties

- **Judges:** Ashok Bh…; Barun M…; +1 more
- **Appellants:** Gayatri Polyrub…
- **Respondents:** Anil Kohli…
- **Advocates:** Abhishek…; Karan K…; +5 more

## Timeline

- **2023-03-15 — Adjudicating Authority…**: The Adjudicating Authority passed an order allowing the application filed by the…
- **2023-05-26 — Previous…**: Learned Counsel for the Appellant submits that these two appellants are resolution…

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